A Bitcoin whale recently pulled the trigger on another large order, buying over $ 37 million (roughly Rs. 278 crore) worth of Bitcoin after a few weeks of waiting on the sidelines – a wait that has been atypical for the whale, a leading crypto analyst tweeted. The address associated with this whale shows the acquisition of BTC 596 at an average price of $ 62,934 (approximately Rs. 47,21,151). The buy takes place shortly after the world’s most popular cryptocurrency hits a new all-time high before a majority of investors decide to consolidate their profits.
The development was spotted by a CryptoQuant analyst who manages the Twitter account @venturefounder. The analyst took to Twitter to reveal that the third largest Bitcoin whale had suddenly made a big acquisition. The same account had previously made multiple purchases and sales by tracking Bitcoin’s price movements.
Whale Whale Whale, look who has decided to come back:
– venturefounder (@venturefounder) October 26, 2021
The same analyst had noticed similar buying activity from the same whale in September, just after Bitcoin’s price drop following China’s crypto ban. The mysterious whale wallet had by then become the owner of more than 112,000 BTC, worth approximately $ 4.857 billion (approximately Rs. 35,805 crore). The data showed that the wallet was buying Bitcoins at the time in two pieces, adding 408 coins first and then another 321 coins.
The interesting trend here is that the bigger whales are making such big additions (in terms of pure value) at a time when Bitcoin’s value has been at its lowest for several weeks. In September, for example, the same whale only pulled the trigger when BTC values plunged more than $ 10,000 (around Rs 7.3 lakh) from its peak of $ 52,000 (around Rs. 38.3 lakh Rs.) In early September.
Following the April-May stock market crash, several whale accounts also attempted to accumulate crypto coins. By this time, Bitcoin had fallen below $ 30,000 (around Rs. 22.1 lakhs), which made investing in the crypto asset very lucrative.
It should be noted that the current rally, which saw BTC jump from $ 40,000 (around Rs. 30,00,700) in late September to a new all-time high at over $ 67,000 (around Rs. 50,26,172) last week , has also been attributed to whales making big purchases, at least according to the channel’s data.
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